Unimproved parcel of real estate few years

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Question

You invested in an unimproved parcel of real estate a few years ago with the expectation that you might develop a building on the property. When you purchased the property, you did minimal due diligence which indicated that there were no problems with the property. The price of the property has increased significantly and you have been approached by a potential purchaser who has offered you a very attractive price. The potential purchaser wants to get the deal done quickly and has proposed that, instead of getting attorneys involved who will slow down the process and be expensive, the two of you should simply use a typical "standard" contract form. You are considering the potential purchaser's request since this would be a relatively simple transaction and the property does not have any complications that you know of. Before you agree to proceed as proposed by the potential purchaser, you requested, and the seller provided, a template of the "standard form contract" which is attached as Exhibit 1. Your main concern is that you want to make sure that if the deal closes, as the seller, you have as little potential future liability related to the property as possible.

Reference no: EM133672174

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